JACKSONVILLE, Fla. -- (BUSINESS WIRE) -- Converting to the new ICD-10 code set will affect every corner of a medical office’s operations, yet many of the businesses required to make the transition on Oct. 1 are using software that leaves them unprepared – and vulnerable to billing and reimbursement disruptions.
Availity is ready for ICD-10, and has completed system updates for its Revenue Cycle Management product to allow ICD-10 in all HIPAA-compliant transactions. We recommend that medical offices and billing services act now to prevent disruption to claims processing and cash flow by using technology that supports ICD-10 transition efforts.
There is growing evidence of a lack of preparation for the federal mandate, and critical dependencies on vendors who have yet to update their software. Recent reports, including a February survey from the Medical Group Management Association, show that 87 percent of respondents require costly software upgrades or replacements to accommodate ICD-10 diagnosis codes. With just seven months remaining until the mandate deadline, reliance on vendors lagging behind in their ICD-10 preparation threatens to leave medical billers unprepared for the changeover.
Despite a recent appeal by the American Medical Association to delay the enforcement date due to costly technical burdens on physicians, the deadline appears to be firm. There will be no further delays to the Oct. 1 deadline to implement the new ICD-10 code set, Marilyn Tavenner, administrator for Centers for Medicare and Medicaid Services, said recently at the Health Information and Management Systems Society 2014 Annual Conference and Exhibition.
Availity makes it easy for medical businesses and billing services to prepare for ICD-10. We provide tools for medical professionals to perform at their best – now and after the mandate:
“This transition is too important to gamble your business on, because ICD-10 has the potential to affect every aspect of the physician revenue stream,” said Jeff Chester, senior vice president and chief revenue officer. “There is significant risk for disruption in claims reimbursement and cash flow for physicians if they and other partners are not prepared for the transition. If your vendor isn’t planning to update, or is otherwise not going to be ready to meet the mandate deadline, you should take action now to transition to one that will be.”
Availity delivers revenue cycle and related business solutions for health care professionals who want to build healthy, thriving organizations. Availity has the powerful tools, actionable insights and expansive network reach that medical businesses need to get an edge in an industry constantly redefined by change. For more information, including an online demonstration, please visit www.availity.com or call 1.800.AVAILITY (282.4548).